USDCAD was in the downtrend since 20th January this year. At the same time, Crude found some bid. At this stage we are sitting on 200ma ( USDCAD) and Crude oil touched 50% Fib retrecement at 39.30. We should se some correcting from the current levels. If the pair rallies above 1.3460 to make a higher high, there could be potential for long positions after pullback towards 1.3360
Three reasons for the long position:
Touched 200 MA on daily charts.
Touched Yearly Pivot Point at 1.3140
Stochastic is extremly oversold on daily charts
Given the above technical conditions, the pair should find some bid from here.
Stop is placed below the recent lows, take profits at 1.3740 at former support and Fib retrecement.
Date: 03/15/2016
Pair: USDCAD
Price: 1.3360
Trade: Buy Limit
Lot Size: 0.03
Stop Loss in Pips: 200
Take profit in pips: 400
Risk of Equity: 2%
ARE THERE MAJOR RISK EVENTS TODAY/THIS WEEK: Yes
Is the market risk off or on? SP500, DAX, NIKKEI. Are the down or up: Risk Off
Is this trade with the trend?: No
Did I see it yesterday?: Yes
Is this a pullback measured by Fibs?: Yes
Am I buying support?: Yes
Am I selling resistance?: N/A
Is this entered during London’s session?: Not sure. Its a pending order
Did the price pulled back from 200MA on 15Min?: Yes
Are stochs extreme on multi charts?: Yes
Where is the price in terms of Pivots Points?: Support
Trading in Forex Exchange Market is VERY SPECULATIVE AND HIGHLY RISKY and is not suitable for all members of the general public but only for those investors who: (a) understand and are willing to assume the economic, legal and other risks involved. (b) Taking into account their personal financial circumstances, financial resources, life style and obligations are financially able to assume the loss of their entire investment. (c) Have the knowledge to understand Forex Exchange Market and the underlying assets.
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